Toyota Motor Corp and SoftBank Corp have completed investment in their joint venture, Monet Technologies, and full-scale operations commenced from February 1, 2019. The partners have invested around 2 billion yen (Rs 130 crore) and plan to scale this up to 10 billion yen (Rs 650 crore), which includes capital reserve.
According to the two companies, Monet combines the first letters of the words ‘mobility network’, and was chosen to embody the desire of both companies to build a mobility network that provides safer and more comfortable mobility to everyone.
Toyota says Monet's of the three main business domains― on-demand mobility services, data-analysis services and Autono-MaaS ― the joint venture will first roll out on-demand mobility services throughout Japan. The on-demand transportation through regional partnerships and corporate shuttles will begin in fiscal year 2018 through cooperation with local public agencies and private companies.
The objective of Monet is to help realise a safer and more comfortable mobility society by combining SoftBank's corporate philosophy, "Information Revolution— Happiness for everyone," with Toyota's vision of "Mobility for All."
The partners have said by the second half of the 2020s, Monet plans to roll out Autono-MaaS (autonomous mobility as a service) businesses using e-Palette, Toyota's dedicated battery electric vehicle for mobility services that can be used for various purposes, including mobility, logistics, and sales. The possibilities include demand-focused just-in-time mobility services, such as meal deliveries vehicle where food is prepared while on the move, hospital shuttles where onboard medical examinations can be performed, mobile offices, and many more. Monet also intends to roll out these businesses in Japan with an eye to future expansion on the global market.